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The probability of selling to an existing customer is 60 – 70%, while the probability of selling to a new prospect is just 5-20%, according to Invespcro. Not to mention, it can cost five times as much to attract a new customer than keeping an existing one.
It makes sense then, for financial institutions to look to their current customer base and focus on upselling and cross-selling tactics to increase their revenue and improve customer retention. You need to capitalize on brand loyalty and satisfied customers, but in a crowded marketplace with competitive rates and efficient fintech offerings, customers won’t necessarily use one bank for all their financial needs. So, you need to make your upselling and cross-selling efforts stand out.
Automation technology can help you target the right customers, at the right time, with the right products.
First things first, you’ll want marketing automation software to manage and execute your upsell and cross-sell campaign to customers. Marketing automation software can help you to drive your marketing messaging across multiple digital channels, including emails and direct notifications on mobile apps and online banking platforms.
There’s a multitude of tools and platforms to choose from, so you need to find the one that’s right for you. Many also look towards a customer relationship management (CRM) platform to store and record customers’ data and marketing activities.
But along with CRM, there will be a plethora of other customer data stored in different locations across your bank’s tech stack that can aid your upsell campaign. You need to unite them with further automation technology if you want to make the most of your marketing.
A low-code automation platform provides a central location in your tech stack that automatically integrates all your customer information and orchestrates your data ready for analysis and optimization. Here’s how it can help your upselling and cross-selling campaign:
Integrate your customer data: A holistic view of customer data is an essential foundation for identifying upselling and cross-selling opportunities. A low-code automation platform can pull data from disparate sources across the bank to a centralized platform. This means transaction history, account details, demographic information, customer interactions and more are all in one place, providing a comprehensive view of each individual customer profile.
Segment and analyze customers: Once you have all your customer information in one place, you can check that your customer is satisfied and in the right position for upsell or cross-sell opportunities. It’s important to tread the line of pushing products that you want to promote and displaying products that are relevant to individual customers. You don’t want to appear aggressive and drive them away from your bank entirely. Automation tools can segment customers based on their characteristics, preferences, and financial needs, letting you target specific profiles at the right time.
Personalize engagement: The majority of banks send the same messages to all customers, but in the digital age, customers expect a personalized approach and want to be addressed as individuals. Automation platforms can create personalized communications that draw on customer data to deliver tailored messages, offers and content and increase customer engagement, which is in turn more likely to lead to conversions on your upsell.
Machine learning and recommendation engines: Only one in three consumers are interested in hearing about new products from their primary bank, according to Payments Journal. So if you do reach out, you need to make them sit up and take notice. Automation platforms allow you to integrate recommendation engines that use machine learning to suggest relevant products or services to customers based on their profiles and behavior. Analyzing data such as previous purchase history, account balances, and life events, helps to make timely product recommendations.
Process management and workflow automation: There are numerous ways to enhance your upselling and cross-selling activities, so it’s important to map out your steps in a workflow before automation. This helps to define and orchestrate the steps, tasks, and approvals involved in the campaign. You can then automate each individual step and even use this as a foundation to create low-code applications to help your operations.
Track, analyze, and review performance: You need to know how effectively your campaign is working so that you can amend and optimize your approach. If you’ve mapped out your process in a workflow, you will be able to see how each stage of the process has performed. One of the added bonuses of automation platforms is that they have built-in tracking and analytics capabilities that you can review on dashboards and export as reports to share with your team. You can track key performance indicators (KPIs), such as conversion rates, revenue generated, and customer response rates, and make informed decisions on how to refine your upselling and cross-selling campaigns.
By leveraging a low-code automation platform, you can enhance your bank's ability to identify and capitalize on cross-selling and upselling opportunities. This can lead to increased customer satisfaction, revenue generation, and long-term customer loyalty.
Low-code automation platforms can be used to enhance a plethora of different activities across your bank, not just upselling and cross-selling. Find out more about how Bizagi’s low-code automation platform can drive efficiencies across your financial institution.
